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20120930
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the social science dictum that the best predictor of future behavior is past behavior. as a wire service guy, i am not in the prognostication business, but i feel fairly safe going out on a limb in a couple of things today. eight months ago, in the state of the union speech, obama issued an appeal to congress to spend more federal money on construction projects that would generate jobs. what he said was, take the money we are no longer spending at war. use half of the to pay down our debt. use the rest to do some nation building right here at home. we pointed out in a fact check that night the fallacy of that idea. the idea that some kind of budget surplus is going to be created when you stop the wars is fiscal fiction. those wars have been primarily financed by borrowing. if you stop the wars, you do not have new money, you just have less debt being added. it does not treat a pool of ready cash. on top of that, the supposed savings of this supposed peace dividend is inflated because it is based on spending numbers that are extrapolated into the future that would come from the height of the
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